Whoever said CFA Level 3 was the easiest level was lying…LYING I tell ya! I don’t know where that myth came from…but from the time I started studying for the CFA, I’ve heard on a few separate occassions people saying “Level 2 is the hardest to pass…once you pass that, Level 3 will be a breeze”.
I find Level 3 much harder to study than Level 2. Level 2 was more about valuation, the theoretical calculation part. And theory is much easier to learn from the textbook. Level 3 is more about application, which to me is hard to do right now because my job is not so much about portfolio management, more about fundamental credit analysis. There was much more math in Level 2 which I am more comfortable with. Also, Level 3 kinda assumes you already know all your shite (which I don’t), and skims through the theory parts (because you are supposed to already know) straight into application. I’m doing all the practice questions now and am freaking out at how much I really don’t know…I come to really basic stuff and I go brain-dead, like yield-to-maturity? what? duration? what was that about again? what? what? wtf?
Yesterday, I saw someone on the train reading the Level 1 textbook. I actually felt sorry for that guy. I feel sorry for anyone that’s just starting out on Level 1. Just thinking about having to take and pass 3 more exams would be a nightmare. But of course I’m just saying it cos I’m just so burnt out after 3 years of this already. I’m a total pussy. It’s “only” been 3 exams. It’s not like say an actuary who has to take a gazillion exams or something like that. I don’t know how they do it. I’m adamant about being a chao mugger in this last month just so I can somehow pass this one and not have to study for an exam ever again.
Okay, I’m totally just complaining right now and I really shouldn’t be. I should be appreciating the opportunity to learn and all that shite. Bah.